NextVR, located in Orange County, California, has a decade of experience combining virtual reality with sport and entertainment. The company currently offers VR experiences for viewing live events with PlayStation, Oculus, HTC, Microsoft, Lenovo headsets.
The icing on the cake may not be virtual reality expertise, because NextVR also has patented technology that improves video streams. NextVR uses this technology to support high-quality video streams of music and sporting events to VR headsets. NextVR holds more than 40 technological patents in total.
However, the company failed to secure Series C funding in early 2019, which resulted in a 40% reduction in staff at the time. NextVR’s focus on virtual reality was seen as a risk with the rise of augmented reality technology.
NextVR has partnered with the NBA, Fox Sports, Wimbledon and other partners in live music and sporting events.
The acquisition is expected to be valued at around $ 100 million, and a front company formed this year, allegedly Apple, is hiring most of the engineers who develop the product. Although the acquisition is not yet complete, the two companies have begun to advise employees who will have to relocate from the San Diego area to presumably the Cupertino area.
We contacted Apple and NextVR to comment on the acquisition. We will update our coverage if we hear of any company.
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